FIVE BIGGEST HOME BUYING ERRORS

CHOOSING A POOR LOCATION

If the home of your dreams is perfect in every way except that a bowling alley backs up to it, walk away. If it bothers you now, don’t think you will learn to live with it.

OVERLOOKING AN INFERIOR FLOOR PLAN FOR AN ATTRACTIVE EXTERIOR

Curb appeal is important. It makes resale a lot easier. But if the romance doesn’t continue when you open the door, then you’ve got an even greater problem on resale.

Given a choice between a good-looking exterior or a knock-out interior, the better alternative is a great interior. After all, that’s where you live.

NOT DOING YOUR HOMEWORK.

A home is the biggest purchase most people ever make. If you’re buying something with a price tag that’s three to four times your annual salary, shouldn’t you consider all the angles?

Think about all the factors that can affect a home’s value. School district, deed restrictions, taxes, amenities, etc. are all important considerations. Carefully differentiate between factors that are in your control to change such as adding a bathroom or garage and those that are not, such as the size of the lot and neighborhood location. Unchangeable factors carry a much heavier value and need to be looked at very carefully before making an offer. With an experienced and analytical Realtor at your side, there’s really no excuse for entering the market ill-prepared.

WAITING FOR A BETTER TIME TO BUY BASED ON THE MARKET AND INTEREST RATES.

Who can predict the future? The best we can do is to learn from the past. History shows that those who purchased homes and kept them for at least five years, always did better than those who “waited for a better market”.

NOT BUYING AT ALL.

No place to call your own. No control. No tax break. No appreciation. No equity. No kidding.